Turbo Tax 2020 not adding Form 2210 for underpayment penalty

Form 2210 won't be ready and available until Feb 18.  

Federal forms Availability

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-personal-tax-products/00/26224

I see that IRS posted the form just yesterday, February 9.

https://apps.irs.gov/app/picklist/list/formsPublications.html?sortColumn=postedDate&indexOfFirstRow=0&value=&criteria=&resultsPerPage=100&isDescending=true

It hasn't found its way in Turbotax yet, it appears.

Why hasn’t TurboTax addressed this if the Form is already available?  The whole point of the form is because Penalties are due, and by more and more each day that we are left waiting on TurboTax to get it posted and resolve the road block so returns can be efiled. 

It appears TurboTax has now scheduled form 2210 for 2/25/2021, a week later than previously.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_mac_individual.html

I noticed that too. Why Turbotax is doing this?!

I'm in the same boat and this is adding to my penalty.  I was frustrated to see it change from the 18th to the 25th.  Why can't they add the form which is provided directly by the IRS? 

https://www.irs.gov/e-file-providers/list-of-available-free-file-fillable-forms#2210

@Itsmeeee  The underpayment estimated penalty is not for filing or when you pay the Tax Due.  In fact you could pay your tax due now before your return gets filed.  The tax due is not due until April 15 so the late penalties and interest don't start until then. 

This estimated penalty on your return  line 38 is a done deal.  If you do not pay enough tax during the year, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund.

I am also waiting to file my taxes and waiting on this form!  I ended up in an underpayment for 2 reasons.  

1- Started a new job and had to wait to be enrolled in 401K creating more weekly income and not enough tax taken out.

2- Ended being unemployed later and taking unemployment without taxes withheld on federal level.

I'm so annoyed. I have been waiting to file my taxes since end of January and TurboTax has now extended this form's date THREE times. I just want to get this over with and not have to worry about it. Also funny how they made me pay them before I could even file...

Turbotax is late in updating the tax forms.

The IRS website shows that Form 2210 for 2020 was published on 2/9/21, but as of today (2/13/21), Turbotax still cannot complete the filing of my return because "Form 2210 is not ready".

I'm curious, and it sound like many of you are seeing the same thing.  The form 2210 exists currently in my TurboTax, but apparently it's not updated, which is why it won't work.  I'm curious how we will know when it is updated?  Does anyone know if there will be any notification?

It's frustrating because there's no way to get ahold of someone. If anyone has any info or are lucky enough to contact someone, can you let us know? What if this keeps extending and we can't even file. I can't believe they're making people wait. Definitely makes me want to hire someone for next year instead of TurboTax. At least then, I can actually speak to someone.

What a Shock!  They did the same thing last year with Form 8606 which was available on the IRS website long before TurboTax made it available.  I recall checking back for weeks only to see that it was yet delayed again, week after week.  They offered the excuse that it was due to the IRS not making the form available to them in a useable format.  I seriously doubt the IRS is responsible for TurboTax's delays ...

It is apparent that nobody at TurboTax cares about this.  If they had better customer service and would address these issues, I would gladly recommend them; clearly they don't care about the inconvenience they cause by not updating these forms in a timely manner.

I would pose the question:  Does anybody at TurboTax care enough to fix this?

the wheel must be reinvented.

Turbotax does not automatically deal with situations where income does not come in evenly each quarter

such as investment fund investor getting large fourth quarter income compared to other quarters.  This

is main purpose of form 2210 to allow allocating income and tax paid quarterly and thereby not owe a penalty.

Fail to file form 2210 and IRS will calculate a penalty even if you 'MAY' not owe a penalty.

Form 2210 presently is in Turbotax but with errors and is not usable.

When you are signed into your TurboTax account you can choose to use the Annualized Income Method if you do owe a balance that creates a penalty. You need to go far enough to complete those screens.

1. Once in your account use the Search (upper right) > Type underpayment penalty > Press enter > Select the Jump to.... link
2. Continue to follow the screens to enter your information.
3. See the images below.

I'm sorry what are you trying to say here? Is this related to Form 2210 unavailability?

Form 2210 is in TurboTax and some number fields can be populated.   The form is not fully ready for

filing and will generate tax error messages (allocating taxes with held quarterly).  I am thinking and hoping IRS or/and Turbotax will have it all sorted out and fixed in program update late February??

The penalty is calculated on Form 2210.   Because Form 2210 is complicated, you can ignore line 38 and the IRS will figure the penalty and send you a bill. They won't charge you interest on the penalty if you pay by the date specified on the bill.   And the form will not be ready in TurboTax until the end of the month (currently scheduled for 02/25), so if you want to not wait for the form, this is the option you would use so you can e-file now.

However, if you want a waiver of the penalty, want to include the penalty, or use the annualized income method to figure the penalty, you have to wait for the form to be finalized.  @Anonymous

Using annualized method,  IRS is unable to adjust without a completed 2210 -My situation.

As you mentioned, I will be waiting for TurboTax form fix.

Thanks, I did skip the annualized income (I had to go in and delete my entries, otherwise just saying no to the question didn't let me get rid of the annualized income option). Then, I declined the penalty waiver. And lastly, it asked me whether I want to pay the penalty now or later, which I said now. However, at the end it did not let me file my return until when I changed my answer to "let the IRS figure out" my penalty. So basically I had to say NO to three questions in order for me to efile tonight!

Such a mess Turbotax! Next year, I will transition to another software.

I assumed that TurboTax had made all final IRS forms available.  I too owe a penalty for the 2020 tax year and allowed TurboTax to calculate it (using the short method on IRS Form 2210).  When I reviewed the return, the penalty seemed high, so I dug deeper and gave Form 2210 a hard look - walking through, step-by-step.  I found the calculation performed in line 15 (multiplying line 14 by a factor of 0.01744) didn't calculate properly.  The penalty shown on line 15 was about 50% higher than what the actual calculation was (using the calculator on my iPhone).   So, even with the reduced penalty for an early filing (which I can't do anyhow since TurboTax hasn't yet incorporated current Form 2210), the net penalty as calculated by TurboTax is higher than the full penalty as calculated by hand.  What gives with that?

Just went back and looked further.  It seems that the 2020 tax year TurboTax is still using last year's (2019 tax year) factor (0.03398) for the short method on Form 2210, rather than the current (2020 tax year) factor of (0.01744).  That would explain why my 2020 tax year TurboTax calculated penalty is about 50% higher than what it should be.  Sad situation, but glad I hadn't filed yet.

Best thing to do is to e-file now without 2210 and let IRS figures that out for you later and send you a bill with no additional late payment. And that's what I did!